Shapre application money

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2012 Company A received a share application money in 2008-09 of Rs. 500 Lacs. the same stand in the balance as on 31.03.2012.

Company still not allocated the shares to the shapre applicants.
What is the statutory time frame to allotement of shares. and whats the panalty on the same.

Reply urgnent

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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06 September 2012 Is This Private or Public Company.

Preferential Allotment Rules Not applies to Pvt Co.

Share Application Need to Refund Within 6 Month of Received.

Otherwise pay Interest @18%.

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2012 its a private limited company

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CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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06 September 2012 Then Need to Refund within 6 Months.

SANYAM ARORA

SANYAM ARORA (Expert)
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06 September 2012 Agreed with the reply

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2012 its pvt ltd company 100% holding by one foreign company.
The company not allotted the shares before 31.3.2012 and not before audit report.

the company does not have reason of not allotment of shares.

Kindly let me know what qualification put by the auditor of the company

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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06 September 2012 Report Should Be Qualified.

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2012 wht quaification to be put. it should be mention the date of receipt of share applciation etc..

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CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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06 September 2012 Yes, Total Details Need to Be Given.